IL&FS's most recent high-profile project, the 9.28km US$550 million Chenani-Nashri tunnel in the northern province of Jammu and Kashmir / wikimedia commons, sidheeq

A government-appointed board that has taken over India’s “gargantuan and enormous” Infrastructure Leasing & Financial Services (IL&FS), says it is considering how to restructure the group’s US$13 billion debt to avoid a “catastrophic” collapse, amid fears of a broader default approaching in India’s non-banking financial sector.